TMG Expands Into Iraq With $18.8 Billion Baghdad Development

Dubai (PlantAndEquipment.com) - Talaat Moustafa Group Holding (TMG Holding) has obtained significant undertaking land allocation in Baghdad and an investment license for the construction of a sizable mixed-use urban community in Iraq.

The project, which is southwest of Baghdad, will include around 43,000 residential units that, when finished, can house about 250,000 people.

The master-planned complex, which will cover over 12.8 million square meters, will also include 2.3 million square meters of non-residential space, including commercial, retail, hotel, healthcare, educational, sports, and entertainment amenities.

According to TMG, the integrated smart city project would take around 16 years to build, with a full sell-out anticipated in 12 years.

According to the company's projections, the project might result in recurring income from leasing and hospitality assets in addition to total sales of almost $18.8 billion.

The project, which is part of TMG's larger regional growth plan throughout Iraq and GCC countries, is situated inside Baghdad Financial and Economic City close to Baghdad International Airport.

Along with growing its portfolio of mixed-use development and regional land bank, the developer is also extending projects in Saudi Arabia and Oman.